Internet-based electronic payment systems

Abstract:

As today, the traditional payment systems of cash, cheques and credit cards are being
supplemented by electronic cheques, electronic credit card-based systems, and token-based
systems, online security is of utmost importance and one of the biggest criteria
used for evaluating electronic payment systems. Electronic payment systems must
guarantee the essential security requirements: confidentiality, privacy, integrity,
availability. authentication, non-repudiation as well as anonymity and trust. This paper
compares the various payment systems (both traditional and electronic) available today
mainly according to their security aspects. Secure processing can be accomplished
including access controls and detection techniques, such as, encrypted communication
channels, user and/or message authentication, symmetric and asymmetric encryption,
digital certificates and firewalls. These effective security measures, which are outlined in
detail in this paper, will protect the information and payment systems against security
risks that currently threaten the Internet

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